Consolidation likely in Nifty: Sandeep Wagle

ET Now: I know your broad sense is that the markets will probably head lower tomorrow. What is the call on the Bank Nifty, and do you believe the weakness will essentially take us much lower below the 4830 or 4800 levels in the week whichever people say is crucial?

Very honestly, I felt that that fall should have come in today and watching the price action today whether it be in the Nifty or the Bank Nifty, I somewhere feel there could be some kind of a consolidation in the Nifty and the Bank Nifty. Individual stocks will have their way and you will have Larsen going up, you will have some of the IT stocks outperforming. On the other hand, you may have some stocks cracking down but Nifty will be in that 100-point band. Bank Nifty will be in that 150-200-point band and maybe tomorrow we may not have a crack down. We may just have a sideways consolidation. It may take some time off and then again the bears come take the control back. My bias still remains downside though I have taken a call on upside something like a Larsen, something like a Sesa Goa. Stock specific you can trade for a 3-4-5% upside but at higher levels, I am more comfortable selling rather than buying at lower levels.